Landbank digital transactions increase to P1.9 trillion in 6 months

MANILA, Philippines — State-run Land Bank of the Philippines continued to register more digital transactions, jumping by 41 percent to P1.9 trillion in the semester of the year.

Landbank said its digital banking channels recorded a total of 94.7 million transactions worth P1.9 trillion from January to June 2023.

This was a 22 percent improvement in volume and 41 percent hike in value as compared to the same period last year, as more customers continued to shift to digital banking solutions.

The increases include combined transactions from the Landbank mobile banking application, iAccess, weAccess, Link.BizPortal, electronic modified disbursement system (eMDS), and the Landbank bulk crediting system.

Broken down, overall transaction value was driven by eMDS, Landbank’s internet facility for national government partners, which picked up by 36 percent to P1.3 trillion from some 1.4 million transactions, higher by 15 percent.

WeAccess, Landbank’s corporate internet banking platform, facilitated transactions worth P433.3 billion, up by over 50 percent.

Meanwhile, its mobile banking app also improved with 76.1 million transactions amounting to P140.5 billion, up by 27 percent and 36 percent, respectively.

The app, which accounted for the bulk of the total digital transactions, was mostly used for fund transfer and bills payment, as well as for purchasing government bonds.

Landbank’s bulk credit system facilitated 3.6 million transactions equivalent to P32.3 billion, the biggest increase in value at nearly 400 percent during the first half.

Further, its online retail banking channel iAccess posted a slight improvement of three percent in terms of transaction value amounting to P9.1 billion.

Landbank’s web-based payment channel, Link.BizPortal, also saw improvements in both volume and value at four million transactions equivalent to P6 billion.

Landbank president and CEO Lynette Ortiz said more customers continue to embrace the advantages of using digital banking solutions.

“We will drive investments to upgrade our digital infrastructure further, to continue providing convenient, accessible, and secure services,” Ortiz said.

This year, the bank targets to grow its overall digital transactions by at least 60 percent in terms of both volume and value.